Investment firm Peninsula Capital has agreed to buy Italian premium packaging firm ISEM Bramucci in a $97 million deal.

WHO: The Italian packaging firm, which was formed by a merger between France's ISEM and Grafiche Bramucci, produces luxury rigid boxes and folding cartons to hold fragrances, cosmetics, and champagne bottles.

WHY: The deal furthers Peninsula Capital's goal of targeted further acquisitions in the still-fragmented packaging industry.

DETAILS:

• Peninsula Capital agreed to buy ISEM Bramucci in a deal worth around 90 million euros ($97 million). 
• Peninsula said ISEM Bramucci would continue to be led by current CEO Francesco Pintucci, while the chairmanship would be taken by Marco Giovannini, former CEO and chairman of Guala Closures.
• Peninsula owns a significant minority stake in Italian makeup brand Kiko Milano, which is among ISEM Bramucci's customers.